On the daily chart, the upward wave B develops, within which the first wave 1 of (А) of B formed, a downward correction ended as the second wave 2 of (А) of B, and the third wave 3 of (А) of B develops. Now, a local correction has ended as the second wave of the lower level ii of 3, and the third wave iii of 3 has started, within which the wave (iii) of iii is developing. If the assumption is correct, the EUR/USD pair will grow to the area of 1.1138–1.1276. In this scenario, critical stop loss level is 1.0792.
Main scenario
Long positions will become relevant above the level of 1.0792 with the targets at 1.1138–1.1276. Implementation period: 7 days and more.
Alternative scenario
A breakout and the consolidation of the price below the level of 1.0792 will let the asset go down to the area of 1.0614–1.0414.
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